QUIZ 5

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10 Terms

1
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Compensating Wage Differential
An extra wage that compensates workers for undesirable working conditions.
2
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Indifference Curves
Graphs representing the trade-off between wage rates and risks of injury, showing how much more wage is needed to accept a higher injury risk.
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Convexity of Indifference Curves
Reflects diminishing marginal rate of substitution between wage and risk, indicating less willingness to exchange wages for safety at higher risk levels.
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Steeply Sloped Isoprofit Curve
Indicates that it would be very expensive to increase safety in the workplace.
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Reservation Price
The wage increase that persuades a worker to accept a job with risk of injury.
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Hedonic Wage
A wage that reflects the compensation for job attributes, such as risk.
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Slope of Indifference Curve
Indicates how much wage needs to increase for a worker to switch to a riskier job.
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Isoprofit Curves
Curves representing combinations of wage and risk that yield the same profit for firms.
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Diminishing Marginal Utility
The decrease in the added satisfaction a worker gets from each additional unit of income.
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Higher Isoprofit Curve
Represents wage-risk combinations that yield higher profits for firms.